Group 1 - The core viewpoint of the article highlights the performance of the Shanghai Composite Index and the Hang Seng Index on July 29, with the former rising by 0.33% to close at 3609.71 points and the latter falling by 0.15% to close at 25524.45 points [1] - Fudan Zhangjiang's A/H share premium reached 171.57%, ranking fourth among A/H shares, with A shares closing at 10.75 yuan (up 2.97%) and H shares at 4.33 HKD (up 2.61%) [1] - Shanghai Fudan Zhangjiang Biopharmaceutical Co., Ltd. was established in November 1996 in the Zhangjiang Hi-Tech Park, with notable shareholders including Shanghai Pharmaceuticals Holding Co., Ltd. [1] Group 2 - The company focuses on innovative research, development, production, and sales in the biopharmaceutical sector, aiming to become a leading innovation enterprise centered on intellectual property [1] - Over the years, the company has developed competitive advantages in areas such as gene technology drugs, photodynamic therapy drugs, nanotechnology drugs, and oral solid dosage technology drugs, with new products expected to be launched in the market [1] - The company has undertaken several national key science and technology projects, including the "National Key Technology R&D Program," "National High Technology Research and Development Program (863 Program)," and the "Major New Drug Creation" science and technology major special project [1]

*注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：金融界 作者：行情君 7月29日，上证指数涨0.33%，收报3609.71点，恒生指数跌0.15%，收报25524.45点。 上海电气AH溢价达165.92%，位居AH股溢价率第六位。当日收盘，上海电气A股报8.29元，涨幅 5.61%，H股报3.41港元，上涨3.65%。 资料显示，上海电气集团股份有限公司是全球领先的工业级绿色智能系统解决方案提供商,始终坚持"服 务国家战略、发展新质生产力、实现高质量发展"的战略方向,专注于能源、工业两大主战场,从能源的生 产与传输,到智能化的工业生产与自动化系统,再到"海陆空网油"全产业链,让科技创新有为,赋能千行百 业,为人类美好生活创造绿色可持续价值。 ...

7月29日，上证指数涨0.33%，收报3609.71点，恒生指数跌0.15%，收报25524.45点。 本文源自：金融界 作者：行情君 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 弘业期货AH溢价达193.64%，位居AH股溢价率第一位。当日收盘，弘业期货A股报12.59元，跌幅 0.4%，H股报4.69港元，下跌1.26%。 资料显示，苏豪弘业期货股份有限公司成立于1995年,隶属于江苏省国资委全资拥有的国有企业江苏省 苏豪控股集团有限公司。公司经营范围涵盖商品期货经纪、金融期货经纪、期货投资咨询、资产管理、 基金销售业务。在北、上、广、深等国内主要金融中心和重点城市设立38家分支机构,数量位居全国前 列,并在行业内率先建立国家级博士后工作站;全资子公司弘业国际金融主要从事境外证券及期货交易、 资产管理、投资咨询等服务,覆盖全球大型证券期货交易所;全资风险管理子公司弘业资本主要从事大宗 商品交易及风险管理业务,是多个期货品种的做市商。公司先后荣获"全国文明单位""中国最佳期货公 司"以及各期货交易所"优秀会员"等荣誉称号。 ...

Group 1: Southbound Capital Flow - Southbound capital has significantly increased, with a net purchase of HKD 201.84 billion on a single day, bringing the total net purchase for the year to HKD 8200.28 billion, surpassing last year's total of HKD 8079 billion, marking a historical high for the same period [1][2] - The southbound capital has been the strongest inflow into Hong Kong stocks this year, marking the 25th consecutive month of net purchases [3] Group 2: Bond Market Dynamics - The bond market is facing redemption pressure, with nearly HKD 1000 billion redeemed in a single day, the largest since January's market correction [7] - The yield on ten-year government bonds has risen from 1.66% to 1.75%, indicating a trend of increasing interest rates [7] - Insurance institutions have reduced their holdings in government bonds for three consecutive months, with reductions of HKD 89 million, HKD 74 million, and HKD 12 million in April, May, and June respectively [7] Group 3: Equity Fund Trends - The total scale of public funds in China reached a record high of CNY 34.39 trillion by the end of June, with mixed funds showing signs of recovery after a period of decline [11] - Mixed funds saw an increase of CNY 121.3 billion in scale, reaching CNY 3.68 trillion, with a slight increase in shares [11][13] - The issuance of new mixed funds in June was significant, with 155 new funds launched, totaling 122.12 billion shares [11][13] Group 4: Money Market Fund Performance - Money market funds experienced a decline in both scale and shares in June, with reductions of CNY 167.5 billion and 164.5 billion shares respectively [15] - The yield on the largest money market fund, Yu'e Bao, has decreased from 1.58% in February to 1.09%, nearing a drop below 1% [15]

数据显示，截至周二，南向资金今年净买入港股约7974亿港元，距离超过去年全年约8080亿港元的净买 入额仅一步之遥。恒生指数今年以来上涨逾25%，在亚洲主要股市中表现居前，仅次于韩国市场。不断 的资金流入也进一步压低A股对港股的溢价水平，恒生沪深港通AH股溢价指数最新已跌至逾五年新 低。 ...

新华财经上海7月21日电（林郑宏）7月21日，香港恒生指数收盘上涨0.68%，报24994.14点，盘中一度站上25000 点整数关口，创2022年2月以来新高。 H股股价高于A股股价的AH股公司一览（截至7月21日收盘数据） 受此带动，H股相对A股溢价的AH股公司数量攀升至8家，其中宁德时代H股较A股溢价最多，达36.69%，华新水 泥、东方电气、恒瑞医药3家公司也均超过10%。 新华财经注意到，近一个月内，AH股溢价始终处于低位徘徊，而H股较A股溢价的公司数量也一直维持在3家， 但这一局面在今天被打破。 长江证券研报数据显示，虽然AH溢价率整体来看，一直呈现A股溢价状态，但是历史上也有部分阶段A股相较于 对应港股呈现折价。典型阶段如2014年下半年，当时AH股溢价一度跌至100以下，呈现普遍性的H股贵于A股的 情况，而H股较A股溢价的公司当时也一度攀升至18家。 中字头央企领涨恒指成分股，中国石油化工股份涨5.53%，中国石油股份涨3.61%，中国神华H股涨2.94%。 AH股溢价下跌0.67%，报125.44，创2020年6月后最低水平，两地上市公司H股与A股差价进一步缩小。 得益于雅鲁藏布江水电站工程 ...

Core Viewpoint - The inclusion of companies listed in both A-share and H-share markets (A+H companies) in the Hong Kong Stock Connect is increasing, reflecting a growing trend of A-share companies seeking to list in Hong Kong and the positive market response to these listings [1][11][12]. Group 1: Recent Developments - On July 21, the Shenzhen Stock Exchange announced the adjustment of the Hong Kong Stock Connect eligible securities list, adding Sanhua Intelligent Control, which has recently completed its listing on the Hong Kong Stock Exchange [1][4]. - This year, several A+H companies, including Chifeng Jilong Gold, Junda Co., Ningde Times, and others, have been added to the Hong Kong Stock Connect [2][7]. Group 2: Market Trends - As of July 18, 156 out of 160 A+H companies have been included in the Hong Kong Stock Connect, accounting for 28% of all eligible securities [8]. - The trend of A-share companies listing in Hong Kong has been on the rise, with 10 companies having completed listings in Hong Kong this year alone [12][14]. Group 3: Regulatory Environment - Regulatory improvements have been a significant driver for A-share companies to list in Hong Kong, including measures from the China Securities Regulatory Commission to expedite the approval process for companies seeking to list abroad [15]. - The Hong Kong Stock Exchange has also introduced measures to attract A-share companies, such as a fast-track review process for companies with a market capitalization exceeding HKD 10 billion [15]. Group 4: Market Dynamics - Unlike previous trends where H-share prices were lower than A-share prices, many A+H companies have seen their H-share prices exceed A-share prices this year, boosting confidence in A-share companies listing in Hong Kong [17]. - As of July 18, 155 A+H companies have a premium on their H-shares compared to A-shares, indicating a shift in market dynamics [18].

Core Viewpoint - Anker Innovations is exploring equity financing in the Hong Kong capital market, reflecting a growing trend of A-share companies listing in Hong Kong, with 10 companies having done so by July 17 this year [1] Group 1: A-share Companies Listing in Hong Kong - There has been a surge in A-share companies listing in Hong Kong, with 41 companies currently processing their listing applications as of mid-July [4] - The increase in A-share companies seeking to list in Hong Kong is attributed to policy support and the need for companies to expand their financing channels and international presence [4][6] - The Hong Kong IPO market has seen significant activity, with the total fundraising amount leading globally in the first half of the year [4] Group 2: Characteristics of Newly Listed A+H Companies - The newly listed A+H companies in Hong Kong this year are characterized by high market capitalization, with 9 out of 10 having a market value exceeding 10 billion yuan, and 5 exceeding 100 billion yuan [7] - These companies have demonstrated strong dividend capabilities and a focus on technology, enhancing their influence on the Hong Kong market [7] - A significant portion of the A+H companies are state-owned enterprises, with 68.13% of the 160 A+H companies being state-owned as of July 17 [7] Group 3: AH Share Premium Trends - The AH share premium has been on a downward trend, with 96.88% of A+H companies showing a premium of A-shares over H-shares as of July 17 [8] - The Hang Seng Shanghai-Shenzhen-Hong Kong Stock Connect AH share premium index was reported at 127.65, indicating that A-shares are, on average, 27% higher than H-shares [8] - The decline in AH share premium is attributed to differences in investor structure and trading mechanisms between A-shares and H-shares [8][9] Group 4: Future Outlook - It is anticipated that the trend of A-share companies listing in Hong Kong will continue over the next 2 to 3 years, supported by ongoing regulatory optimizations and market synergies [5][6] - The AH share premium is expected to continue narrowing, with factors such as increased southbound capital inflow and improved market conditions contributing to this trend [9]

Core Viewpoint - The recent focus in the market is the narrowing of the AH share premium, with UBS indicating that unless there is a significant influx of additional liquidity into the A-shares, the AH premium will remain at its current low mid-range levels [1] Group 1: AH Share Premium Dynamics - UBS statistics show a high correlation coefficient of 0.83 between the AH share premium and the US dollar index over the past 15 years, suggesting that a weaker dollar typically leads to a narrower AH premium, indicating better performance of H-shares relative to A-shares [1] - The changes in the AH share price differential are largely influenced by the liquidity differences between onshore and offshore markets [1] Group 2: Impact of Dollar Fluctuations - During periods of a weaker dollar, global liquidity tends to improve, resulting in capital inflows into emerging markets, and vice versa [1] - Despite the narrowing premium, UBS believes that A-shares will still benefit moderately from a slight strengthening of the RMB against the USD when the dollar declines [1] Group 3: Emerging Market Performance - UBS estimates that over the past decade, a 10% decline in the US dollar index has led to a relative increase of 9% in emerging market equities [1] - From a profitability perspective, Chinese companies with significant costs tied to imports or heavy dollar-denominated debt exposure are likely to benefit from a weaker dollar [1]

Group 1 - The A-share market shows signs of recovery, with the Shanghai Composite Index surpassing 3,500 points, attracting attention to foreign capital movements, particularly northbound funds [1] - As of the end of Q2 2025, northbound funds held a total of 2,907 A-shares, with a total shareholding of 1,232.08 billion shares, an increase of 41.19 billion shares from the previous quarter and 7.22 billion shares from the end of 2024 [2] - The total market value of northbound funds reached 2.289 trillion yuan, an increase of 537 billion yuan from the previous quarter and 871 billion yuan from the end of 2024, indicating a significant increase in investment in the A-share market [2] Group 2 - The industry with the largest increase in shareholding by northbound funds in Q2 2025 was enterprise services, with a growth of 38%, followed by telecommunications services at 27% and national defense at 26% [2] - Conversely, the industries with the largest decrease in shareholding were hardware equipment, down 15%, and home appliances and textiles, both down 13% [2] Group 3 - The stocks with the highest market value held by northbound funds as of June 2025 included CATL, Kweichow Moutai, Midea Group, and others, with CATL and Kweichow Moutai each exceeding 100 billion yuan in market value [3] - The three companies with the most significant changes in market value held by northbound funds were CATL, Hengrui Medicine, and Dongpeng Beverage, all of which have recently listed on the Hong Kong Stock Exchange [3][4] Group 4 - The decline in AH share premiums indicates a narrowing price gap between A-shares and H-shares, enhancing market efficiency and providing a fairer investment environment [5][7] - The decrease in AH share premiums may influence the allocation of northbound funds between A-shares and H-shares, shifting focus towards the fundamentals and industry outlook rather than short-term price differences [7][8]